Played around a bit more, I don’t see the issue if I create a new empty project and add the same object from the asset store.
I suspect the issue is related to my other issue with custom sizes: Preview broken in ios app - #3 by giannpls
It seems like maybe the project got corrupted but I can’t find any obvious issue in the json data when I save the project locally on PC. Does anyone have any ideas on how I can fix or recover the project?